Foreign Trade Policy – Kamal Nath bids adieu with more announcements
Commerce Minister Kamal Nath announced his first Foreign Trade Policy in August 2004 and we carried a story - Is the Foreign Trade Policy valid?
Well Kamal Nath went on to present that invalid Policy year after year and yesterday was the grand finale for his five year policy which in the normal course should have ended on 31 st March, 2009 but which is extended indefinitely, maybe till the new Government can put its ACT together.
The DGFT has amended the HOP – some details:-
1. Promotional Schemes: Freely Transferable Duty Credit scrip shall be granted on FOB value of exports, including commission, discounts, if any
2. All the pre-realization cases are to be monitored by RA concerned with respect to realization of export proceeds.
3. In case the FOB value realized in free foreign exchange is lower as per BRC, when compared to the FOB value in free foreign exchange as declared on the Shipping Bill(s) on which the original duty credit scrip was issued, excess duty credit scrip so granted earlier shall be adjusted from any future claim(s) (of any Duty Credit Scrip, including DEPB ), or by way of cash deposit.
4. In case the FOB value realized in free foreign exchange is higher as per BRC , when compared to the FOB value in free foreign exchange as declared on the Shipping Bill(s) on which the original duty credit scrip was issued, supplementary claim shall be filed within a period of six months from the date of realization.
5. DEPB shall be issued with transferable endorsement. – Without waiting for payment confirmation.
DGFT Public Notice No. 151 (RE-2008) 2004-2009, Dated: February 26, 2009